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Apple Reopens All China Stores As Coronavirus Cases Drop In Country

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Apple Reopens All China Stores As Coronavirus Cases Drop In Country

Apple Inc. (NASDAQ: AAPL) reopened the last of its stores in China that remained closed following the novel coronavirus (COVID-19) outbreak in the country.

What Happened

All 42 of the consumer electronics maker's stores in China are now operating, Bloomberg reported Friday.

The number of coronavirus cases in China has declined gradually. The country reported eight new cases of the coronavirus on Thursday, with seven deaths. A majority of these fatalities were reported in the Hubei province, which was at the center of the virus outbreak.

Apple had to close down all of its stores in China early February at the height of the coronavirus spread in the country.

The Cupertino-based company downgraded its earnings estimates for the second quarter due to the shutdown, as its supplier Hoi Han Precision Co. Ltd. (OTC: HNHPF), was similarly affected.

As Apple resumes business in China, the company had to shut down all 17 of its stores in Italy, Bloomberg noted. However, the iPhone maker has a significantly smaller consumer market in Italy than China and would see a lower economic impact.

Price Action

Apple's shares closed 9.88% lower at $248.23 on Thursday. The shares dropped another 4.67% in the after-hours session at $236.65.

 

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